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First
Homes
Regular homeowners policies are available if you live
on the property.
Second
Homes
Basic coverage for fire, wind, hail, theft is available on
second homes and vacation rental properties. The state of
North Carolina mandates that all licensed agents provide insurance
coverage through the Beach Plan.
Liability
Insurance
Very Important particularly if
you rent your beach home. Liability insurance
on a beach property is added to the liability policy of a
personal residence. Existing liability coverage is usually
increased. E.g. an 'umbrella' policy would increase from
$2 million to $3 million.
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Flood
Insurance
A Federal Program is available through local agencies.
Maximum coverage on the dwelling is $250,000. Maximum coverage
on contents is $65,000. Private coverage in excess of these
amounts is available through Lloyds of London. Federal Flood
Insurance is not available in the 4 wheel drive area north
of Corolla.
Special
Requirements for Flood Insurance
There are designated flood zone categories, mostly relative
to base elevation of the property. It is important to know
if properties comply with Flood Insurance regulations for
a particular zone. This affects Flood Insurance Rates.
Claims.
When a claim is necessary,
prompt response by insurance adjusters is important.
Local agencies ensure strong contact with local adjusters.
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